hmm, the Examiner picked the story up. (link below) and I know who Jim Sinclair is, very well. Interesting. I agree with Jim, though, the banks are deciding their OWN fate, and no default will be declared despite a 30% repayment.

"The ISDA is made up of the member banks who could suffer the most if it is called a default. Therefore it Is reasonable to assume, that in the Great Wisdom of the ISDA, a 30% repayment is -not- a default."

So 1st, 50% repayments were not defaults, and now (in all probability) not even 30% repayments will be considered a default. Then... 0% repayments will not be defaults a s well. (and so on? lol)

(Or maybe that is what they are waiting for, a near 0% payment, so that it costs Greece what is left of their sovereignty)

Fraud Everywhere ...wonder how many margin calls this will cause, if its even reported on accurately. We'll see in the coming days.

thanks for the heads up, scout

I've been saying all along these TooBigToFail investment banks are technically insolvent.

Once you consider that they have been allowed to merge with our Commercial FDIC insured taxpayer backed (lending) banks with the repeal of Glass Steagall... Its easy to see they dump their losses from the investment side (them), to their commercial side (us).

Investment banks take an ownership position, its a conflict of interest for investments banks to merge with lending banks. (Glass Steagall Anyone?)

:::::::: Jim Sinclair: ISDA to determine this week if five major US banks go insolvent ::::::::

According to this video, five major U. S. banks guaranteed 97% of Greece's debt through the sale of credit swaps which now have a 70% chance of default. The trigger that forces the recognition of this contingent liability is determined by the ISDA, an organization that is largely influenced by the very banks that are at risk. As Yogi would say, deja vu all over again.